It was by these smugglers that the colony was first founded. A small smuggling base camp near a diamond rich mountain was raided by contractor in 2163 CE the same camp would later become a settlement for the miners and security forces who would become the planet's first colonists.
By 2167 CE multiple corporations were muscling in on the bussiness and the colony now had a population of over sixteen thousand people. Miners looking for work, entrepenuers looking to get rich quick, big game hunters looking to make some money hunting the large varren that inhabited the planet, and former soldiers looking for mercanary work all came to Toolak. At it's height in 2169 CE the planet was producing billions of credits a day and shipping over thirty tons of diamonds a week.
That changed however in 2170 CE when Batarian raiders attacked the colony killing thousands. However the attack was stopped by the 92nd Shock Trooper Regiment who responded quickly killing all of the batarians.
However despite the defense Toolak was abondoned two years later due to the heavy economic losses with all corporations leaving by 2172 CE.